Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Orient-Express Hotels (NYSE: OEH) shares fell 10% today after the company released earnings.

So what: Revenues were up 14% to $159.0 million and adjusted earnings per share were up $0.05, to $0.07, below an expectation of $0.10. Revenue per available room did increase 14%, but that was offset by impairment charges at Porto Cupecoy, which brought the company to a non-adjusted loss of $0.25 per share.

Now what: Orient-Express had mild improvements in the third quarter, but investors were expecting more, which is why the stock dropped today. Improvements are great, but a huge loss overshadows even double-digit RevPAR improvements. Plus, Orient-Express has a long history of missing earnings estimates, a red flag in this Fool's eyes, so I'm selling another miss in the third quarter.

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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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